Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
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